The Metaverse, a virtual world that allows users to interact with each other in a simulated environment, is experiencing a resurgence in popularity. The Q1 Metaverse research report by DappRadar has revealed that the transactions of non-fungible tokens (NFTs) on the Metaverse have recorded $311 million in the first quarter of 2023, which is a significant increase compared to last year.
The report shows that the virtual land transactions reached a record high of 146,690 in the first quarter of this year, with Otherside Metaverse leading the way. Otherside Metaverse land-related NFTs recorded $222 million in transaction volume, which is a 237% increase from the previous quarter. MG Land, which was launched earlier this year, also had a transaction amount of close to $60 million, ranking second.
The metaverse is expected to experience a bull market as more investments and partnerships are being made. Creatora Genesis Land came in at number three with approximately $14 million in deals and 6,308 units sold. The Sandbox, which was previously a strong player in the Metaverse, recorded $3.5 million in transaction volume and 7,338 transactions in the first quarter, ranking fourth.
Despite the decrease in transaction volume, The Sandbox secured partnerships with Havas Play, GCEX, and Saudi Arabia. In addition, The Sandbox announced its entry into Germany by acquiring game development studio Sviper, and TOEI ANIMATION, Japan’s leading animation company, is also planning to enter The Sandbox’s metaverse.
Exy Infiniti moved down to fifth place, with a decrease of 14.66% from the previous quarter. NFT Worlds came in sixth with $2.5 million, up 273.03% from the previous month.
The metaverse virtual worlds market had stagnated last year, but this year it is showing strength again, with more investment attraction and partnership raising expectations for the virtual world space in the future. The Q1 Metaverse research report by DappRadar suggests that the metaverse is on the rise, and there is potential for it to become a significant player in the world of online transactions.
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